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Today's Shanghai aluminum 1610 contract oscillation strengthened, rising to 12235 yuan / ton at the end of the day, up 0.
62% from Friday's closing price, currently running at the intersection of moving averages, the trend oscillated
.
The term structure of the aluminum market maintained a negative arrangement of near high and far low, and the negative price difference between Shanghai aluminum 1609 and 1610 contracts narrowed slightly to 90 yuan / ton
.
External: today's Asian aluminum oscillation rose, partially cut the overnight decline, the current Lun aluminum is still effectively stabilized above the moving average group, of which 3 months Lun aluminum rose 0.
34% to 1639 US dollars / ton, the performance is significantly stronger than Shanghai aluminum, the current London aluminum from the recent low of 1588 US dollars / ton up 3.
21%, the daily closing price is close to the level
of July 18 in the year.
Macro: The US ISM manufacturing PMI in July was 52.
6, down from 53.
2 in June and less than the expected 53, and most of the recent US economic indicators were less than expected, indicating that the US economic growth rate has slowed
.
In addition, the RBA cut interest rates by another 25 basis points as scheduled today, indicating further easing of global monetary policy, and the Asian dollar index fell under pressure to around 95.
4, partially offsetting the pressure of the decline in overnight US crude oil futures
.
Market: On August 2, Shanghai aluminum trading concentrated 12570-12590 yuan / ton, the monthly premium was 100-120 yuan / ton, Wuxi transaction concentration was 12560-12570 yuan / ton, Hangzhou transaction concentration was 12590-12600 yuan / ton
.
Wuxi stable shipments, Shanghai supply is tight, aluminum fell overnight in the month after today's rise, middlemen low price replenishment willingness increased, downstream on-demand procurement, the overall transaction is warmer than yesterday, and concentrated on traders
.
Today's Shanghai aluminum 1610 contract oscillation slightly fell 12205 yuan / ton, weaker than other base metals, but driven by the strengthening of other base metal oscillations, aluminum prices or passive follow-up, while the low inventory level in the previous period triggered the market's expectations for aluminum companies to replenish inventory, giving some support
to aluminum prices.
It is recommended that the Shanghai aluminum 1610 contract can be backed above 12,000 yuan to bargain more, the entry reference is 12150 yuan, and the target is 12500 yuan
.
